🚀 China's new economy is booming! That's the message from Bill Winters, CEO of Standard Chartered Bank, who shared his optimistic take during the World Government Summit in Dubai on February 12.
\"I think China is going through a major transition from old economy to new economy,\" Winters said. \"If you visit the new economy—it's booming, absolutely booming well into double-digit growth rates in everything EV-related, the whole supply chain, everything sustainable finance and sustainability-related, etc.\"
Winters acknowledged that every society undergoing a major economic shift experiences some bumps along the way. \"They're trying to manage this transition without disrupting the financial system, which in the West, we've never managed to do,\" he noted. \"Every big industrial transition has had a major depression associated with it or global financial crisis. They're trying to avoid that, which means it gets dragged out. I think they'll get through the back end just fine.\"
Echoing this sentiment, John Bilton, head of global multi-asset strategy at JPMorgan Asset Management, also expressed confidence in the Chinese mainland's economic future. Speaking to CNBC, he emphasized that despite challenges, it's not wise to dismiss the world's second-largest economy. \"I don't think you can treat the world's second-largest economy as either an alternative investment or un-investable; that would be wide of the mark,\" Bilton said.
🌏 For investors, entrepreneurs, and anyone curious about global trends, these insights highlight the dynamic changes happening in the Chinese mainland's economy. The shift towards sustainable industries and electric vehicles is more than just a phase—it's a whole new frontier full of opportunities!
Reference(s):
cgtn.com
